AT&T/ BellSouth Merger: Is Ma Bell Calling Back Her Babies?

Excerpt from our Wall Street Breakfast, a one-page summary of this morning's key market-moving and stock-moving stories:

AT&T-BellSouth merger expected to get OK [Business Week]

Summary: The justice department is expected to give the go-ahead today for AT&T's $78 billion buyout of BellSouth. The FCC is expected to vote on the merger on Thursday. The merger would create the largest wireless and traditional telecommunications networks in the country. Consumer advocates are concerned that this consolidation is harking back to the days of Ma Bell and will result in price hikes and weaker Internet service due to lack of competition. The two Republicans on the FCC panel are expected to directly approve the deal while the two Democrats are expected to demand conditions.
Related links: Citi: Buy AT&T and Sell Verizon • Jim Cramer "Although AT&T has terrible margins, this will be corrected with the completion of its merger with Bell South • Size Matters at AT&T -- Looking Good Post-Acquisition • Acquisition background: BellSouth Acquisition Impacts Telecom Holders ETF (T, BLS, ETF: TTH) • Key Quotes From The T/BLS Acquisition Conference Call • AT&T + BellSouth: Big and Scary Nonsense • AT&T's BellSouth Acquisition: An Overview • Initial Reactions . Conference call transcripts: BellSouth Q2 2006 • AT&T Q2 2006
Potentially impacted stocks and ETFs: AT&T Inc. (T), BellSouth Corp. (BLS), Verizon Communications Inc. (VZ), Sprint Nextel Corp. (S), Comcast Corp. (CMCSA). ETFs: Telecom HOLDRS ETF (TTH)

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